Recent data from the Ministry of Commerce showed that foreign investment in Zhejiang province grew significantly over the first five months of 2020.

A total of 909 foreign-invested enterprises were established in the province between January and May. During this period, the province's actual use of foreign capital rose by 9 percent year-on-year to $6.15 billion, making up 12 percent of the national total, 1.7 percentage points higher than the previous year.

Seven of the province's 11 cities saw positive growth in their actual use of foreign capital. Hangzhou in particular saw a 33.5 percent year-on-year increase to $2.66 billion, representing 43.2 percent of the province's total.

The province's high-tech service sector performed particularly well in attracting foreign investors. The actual use of foreign capital in this sector alone stood at $1.65 billion (making up 26.8 percent of the province's total), up 19.4 percent year on year. 

Zhejiang received a total of $360 million in investment from countries involved in the Belt and Road Initiative, 18 percent more than in previous years.

The province's foreign investment boom was largely fueled by large-scale projects. Over the first five months, a total of 47 projects received more than $30 million from foreign investors, and their combined investment was valued at $3.26 billion, more than half of the province's total.